Thanks to the Internet, a lot of marketplaces are thriving in the industries like retail foodtech, payments, lending, taxi service, rentals, to name a few. These marketplaces span across industries and geographies bridging the gap between customers and businesses.
These marketplaces have provided additional channels to businesses to reach out to customers, and more product offerings to customers. By placing themselves between customers and businesses, almost all marketplaces manage the flow of payments from customers to businesses. Thus, the payment reconciliation for internal and external stakeholders becomes quite important for these marketplaces. The reconciliation piece involves tracking, monitoring, and reporting of payments at transactions or order or SKU level. But it also overflows to other crucial elements like bookkeeping and auditing.
Manual approach is a good way to get started on the reconciliation piece. However, with growing scale, the manual starts falling apart as it suffers from issues like lack of reporting, monitoring, and reporting. Thus, for almost all marketplaces it becomes imperative to automate the reconciliation process for all business units and channel partners. Moreover the manual or even semi-manual approaches suffer from issues like:
- Manual and Time Consuming Process
- Complex Transaction Data
- Payment Timing and Delays
- Deduction Tracking
- Lack of Visibility
Kosh.ai holistically automates the reconciliation for all business units and channel partners, removing any dependency on manual efforts. The reconciliation is done at a very granular level of order or transaction or SKUs. This serves as the foundation on which other features like tracking, monitoring and reporting are built. In fact, the Kosh platform provides rich analytics which helps in stemming revenue leakage, overpayments, and auditing challenges.
The Kosh platform can easily cut the cycle time by 99% and cost by 65% while ensuring 100% accuracy.
